One of the biggest questions home buyers must ask themselves - this answer will make a whole lot of difference and perhaps re-direct their home hunting.
There's many ways to estimate how much to borrow - first way is to contact a lender and get pre-approved. But perhaps, you can't wait for the banks and want to explore your options now. There's online tools for that. The John Bailey Team is happy to offer a mortgage calculator, too.
Things to consider when using an online mortgage calculator:
- Break down the mortgage into monthly payments. AND don't forget to factor in the interest— the extra fees you pay your lender for borrowing all that cash. Then, on top of that, you will also have to pay property taxes and home insurance.
- Consider your income ..and debts. "Understanding why income is important is easy—the higher your salary, the more money you can put toward a mortgage. Still, the funds you’re funneling every month toward debts—like college loans, car payments, and credit cards—can put a crimp in how much you have for home financing." (Realtor.com)
Keep in mind that as useful as these tools can be for discovering your budget, these results are just estimates. We recommend you talk to our preferred lenders to learn exactly how large a home loan they are willing to offer you. Having a general understanding of your specific numbers is a good start—and can help you keep your house hunt narrowed in on what's realistically within your mortgage reach.
For a list of our preferred lenders in the Metro Atlanta area, please click here.
And when you're ready to schedule a showing , our team is ready to serve you! Please contact us.